Palantir Technologies (NYSE:PLTR) Trading Down 1.2% After Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) dropped 1.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $30.83 and last traded at $31.09. Approximately 11,137,635 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 54,399,305 shares. The stock had previously closed at $31.48.

Specifically, insider Heather A. Planishek sold 14,016 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $30.67, for a total value of $429,870.72. Following the transaction, the insider now directly owns 576,023 shares of the company’s stock, valued at approximately $17,666,625.41. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analyst Weigh In

PLTR has been the subject of several research reports. Raymond James boosted their price objective on Palantir Technologies from $25.00 to $30.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 6th. Monness Crespi & Hardt lowered their price target on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. DA Davidson upped their price objective on shares of Palantir Technologies from $24.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Mizuho cut shares of Palantir Technologies from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $21.00 to $22.00 in a report on Tuesday, July 16th. Finally, Citigroup increased their price target on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $25.00.

Palantir Technologies Price Performance

The company’s 50-day moving average price is $28.61 and its two-hundred day moving average price is $25.00. The company has a market capitalization of $67.19 billion, a P/E ratio of 251.42, a price-to-earnings-growth ratio of 5.55 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $678.13 million for the quarter, compared to the consensus estimate of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.01 EPS. On average, analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PLTR. Vanguard Group Inc. raised its stake in Palantir Technologies by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 193,805,263 shares of the company’s stock worth $3,327,636,000 after buying an additional 6,466,596 shares during the period. 1832 Asset Management L.P. lifted its holdings in shares of Palantir Technologies by 248,208.2% in the 1st quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company’s stock worth $83,418,000 after purchasing an additional 3,623,840 shares in the last quarter. Marshall Wace LLP grew its position in Palantir Technologies by 594.3% in the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock valued at $89,926,000 after purchasing an additional 3,038,861 shares during the period. Norges Bank bought a new stake in Palantir Technologies during the 4th quarter valued at $46,542,000. Finally, Coatue Management LLC raised its holdings in Palantir Technologies by 285.6% during the fourth quarter. Coatue Management LLC now owns 3,447,363 shares of the company’s stock worth $59,191,000 after buying an additional 2,553,432 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.